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Drone Attacks Slash Russian Fuel Output, Prices Rise 2.3%

7/17/2026

27 5 Full Breakdown

Summary

Story summary

Gasoline prices rose 2.3% to 75.84 rubles per liter in the week of July 7-13.
Drone attacks cut refinery output at 65% of demand, leading to bans on gasoline, diesel and jet fuel.
Deputy Prime Minister Alexander Novak said the government will prioritize fuel for food-delivery vehicles serving retail chains.
The Bank of Russia will meet next week on rates as Russia imports gasoline from India and Belarus, seeking 400k tonnes.

History

Historical Context

In October 1973 OAPEC’s embargo cut exports by up to 70 % and raised barrel prices from $3 to $11.65, a rise of nearly 300 %. The shock forced diversification, a test as Russian drone attacks have cut refinery runs to 65 % of demand, prompting Deputy Prime Minister Alexander Novak to prioritize fuel for food-delivery trucks and import 400,000 tonnes from India and Belarus.

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Story summary

Gasoline prices rose 2.3% to 75.84 rubles per liter in the week of July 7-13.
Drone attacks cut refinery output at 65% of demand, leading to bans on gasoline, diesel and jet fuel.
Deputy Prime Minister Alexander Novak said the government will prioritize fuel for food-delivery vehicles serving retail chains.
The Bank of Russia will meet next week on rates as Russia imports gasoline from India and Belarus, seeking 400k tonnes.

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